WASHINGTON – The U.S. Small Business Administration and the U.S. Department of Labor on Wednesday signed a memorandum of understanding to support American manufacturing.
The agreement, which will enhance collaboration and data-sharing across key programs, is designed to cultivate a pipeline of skilled workers while also promoting capital and contracting opportunities for domestic producers – 98% of whom are small businesses, a news release states.
“Through this agreement, the Department of Labor will collaborate with the Small Business Administration to help ensure America’s workforce is ready to seize … opportunities by expanding Registered Apprenticeships and other hands-on training programs that will benefit both small and large manufacturers,” Labor Secretary Lori Chavez-DeRemer said.
The MOU will connect SBA’s capital and contracting tools with the labor department’s workforce development infrastructure. Under the agreement, the agencies will expand data sharing and coordination on programs such as the labor department’s Registered Apprenticeship Program and the Veteran Employment Training Service. SBA will offer cross-agency training on loan programs to support manufacturing, including the 7a and 504 loan programs.
“The vast majority of U.S. manufacturers are small businesses, and I’ve heard firsthand walking factory floors with business leaders that they are spring-loaded for growth with the America First agenda,” SBA Administrator Kelly Loeffler said. “I’m excited to work alongside Secretary Chavez-DeRemer to cultivate a pipeline of skilled workers and capital to support their growth in a powerful new era of Made in America.”
Pictured at top: SBA Administrator Kelly Loeffler and Labor Secretary Lori Chavez-DeRemer.